American Asset shares rise in debut on NYSE

NEW YORK 
Shares of American Assets Trust Inc. are rising in their debut on the New York Stock Exchange.

The stock of San Diego retail and office property owner climbed $1.13, or 5.5 percent, to $21.63 in afternoon trading on Thursday. American Asset priced 27.5 million shares at $20.50 apiece in its initial public offering. The company previously offered an estimated range of $19 to $21 a share.

American Assets plans to give the offering proceeds to its operating partnership. It will use the proceeds to repay debt, for tenant improvements and leasing commissions, for loan transfer and consent fees and property renovations and for general corporate purposes.